Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-04-22
UPSET BID TALKED OF
RuMoR THAT ONE WILL BE MADE FOB
TIE CALICO PROPERTY.
Otherwise Mr.. Todd, the Purchaser,
Proposes 10 Run the Mil
Himself.

! created much interest, and rs being us
cussed in all quarters. Many persons
congratulated Mr.. Todd yesterday upon
his purchase.
On oil hands the question was asked,
viii the sale be confirmed? This OF
cOurSe cannot he told as yet. The
property was sold in execution Of de-
cree Of the Chanccry Court, and the
commissioners Will make Their report
TO the court in few days-probably
Monday or Tuesday ncxt-and will re-
commend that the sale be confirmed, rs
| the holders Of all OF the first-mortgage
bonds. except OF about $1,000, have
stated that they would rather have the
| sale confirmed and take what they will
he entitled TO pro rGt0 than to sustain
the further worry and delay which
would necessarily be entailed 10y new
sale being ordered. In the event Of
resale there is not the slightest possiJ
bihiv that the holders oi the second
mortgage bonds and the general credi.
tors would receive any portion of their
claims; therefore their objections,
should any be'made, TO the confrma.
ton viii hardly he needed.
PROBABILITY or An CPsET BID.
II was currently rumored yesterday
that IN upset bid would be made for
the property. Another report was to
the effect that three parties wanted IT,
and would probably pursue this course
to obtain Its control. All efforts to
trace this nmor 10 It's source proved
fmitless. and to ascertain the names OF
| the parties alluded to likewise.
The Dispafoh received information
TINT a gentleman had approached Mr.
Taylor who, with Mr.. Bowe, acted as
auctioncer,) and signihcd his intention
to make such hid. A reporter called
on Mr.. Taylor and asked him about the
matter, but he was quite reticent. He
said that no one h0d ut0dc such bid
to lin, but he would neither admit
nor deny the above. He finally
said that he had not been so approached
Ycstcrd0V, and that ne did not kUOw
that bid of this kind will be made.
Mr.. J. Thompson Brown approached
| him Wednesday afternoon, whether for
himself or patrons he (Mr. Brown did
not say. with reference to the matter,
and made some inquiries about the sale,
which ne WIS urhble TO attend.
Mr.. Brown told Mr.. Taylor yester-
dav morning. however, not TO hold
the matter open for him--that he was
entirely "out" The opinion generally
obtains that some one intends making
such bid, but who the party is could
not be learned. as all in positions to
know tie name declined to divulge it,
THE CONDITIONS.
In order that an upset bid may be
considered in the court in which the
causc is pending it is required that the
person desiring TO make such bid shall
give to the court acceptable security
that the property if offered a second
time viii bring more than when last
put up.
II is the custom Of most courts, and
no doubt Of the Chancery Court Of
Richmond, not to consider bid where
TIE advance is less than 10 per cent.
1t is further required that the person
making the bid, or those whom he rep
rcsonts, shall prove 20 the satisfaction
of the court that they were not present
at the sale and did not have an oppor-
tunity Of bidding for the property.
Matters Of this nature connected
with judicial sales are considered among
the most delicate measures for the ex-
ercise of judicial power or judgment.
Besides the requirements noted above
there are many more intricate questions
which arise, differing according to the
nature of the circumstances surround
ing the peculiar case.
Should the report of the commission
ers he presented early next week, as IS
now expected. il is thought the decision
Of Judge Holiday as to whether he
will confirm the sale or not will be rem
defed very soon afterwards, probably
Immediately.
MIR. ToDD's PLANS.
Mr.. Todd was seen by 4 Dispatch
reporter at his Office, Twelfth and Cary
streets. Yesterday and asked what were
his planS. lie replied that he pur-
chased the property alone, and eX-
pected to operate both the corn aud
tiour-mills on his own account. He has
been running the cOn-miu successfully
for some time, and to remove the pos
sihility of his business there being in
terrnpted or interfered with, no doubt,
had much to do with his purchasing
the entire properly.
While Mr. Todd's present intentions
are to run the flOuring-mlll himself,
there exists the possibility that he may
be induced TO enterin with Joint stock
company. 1t is his purpose, as fayora-
Bile opportunities present themselves,
to dispose of that portion of the prop
erty which is not needed in connection
with the business of the two mills.
WHEN HE GETS POSSESSION.
In the event that the sale is confirmed
Mr.. Todd will be given time in which
to have the titles to the several pieces
Of properly examined. Tbs can "a
done in ten days. The titles are very
old, and have several times changed
hands, but they have been SO we'll kept
and guarded that their examination
will not prove a very onerous or diff
cult task.
The purchaser will gain possession OF
the property very soon after the sale IS
confirmed The stables and sc<efal
offices in the storehouse bui Idfng north
of the mill are leased oy the month,
and in each case C.aly short notice has
to be given. Tie Rutherford mill lot
above the city is under lease, claimed
to .,e perpetual, to the Richmond and
Allegheny Railroad Company at S4OO
per annum. The hour-mill has been
idle nearly all the time since receiver
was appointed, when the matter was
first placed in the court in December,
1855.
THE BoSDHOLDERs.
The preferred debt of the company,
consisting of the first-mortgage bonds,
the watcr-rent, taxes, and receivers
certificates, the larger part OF which is
for insurance, &c., amount to between
s240, 600 and $3.50, 1000. From this it
will be seen that the holders of the